The Web


 Latest Business news on mobile: sms BIZ to 7333

Home > Business > PTI > Report

Maritime sector to enter boomtime

November 29, 2004 16:01 IST

The size of Indian maritime sector is expected to reach $19 billion by the year 2010 and the information and communication technology sector will have a crucial role to drive rapid growth in the maritime sector.

 "The current size of the Indian maritime sector is in the region of around $8.5 billion. It is expected to reach a size of $19 billion by 2010 and $80 billion by 2020," a report from i-maritime Consultancy Services said in Chennai.

The expected volumes handled would touch approximately 1.7 billion tonnes in 2020. The rapid growth of Indian maritime sector will be primarily driven by four factors -- stage of economic growth cycle of a nation, the significance of the economy in global market place, developments in the ICT and the political framework, the document said.

Indian IT companies are employing around 500 software professionals on maritime and logistics related projects for their global clients. International maritime companies like Maersk, Royal Nedlloyd have set up back offices in India and they together employ around 1500 people.

The maritime sector will benefit from these skilled resources in terms of shortening its learning curve for understanding various IT related issues and reducing the implementation cycles and costs for the same.

Availability of sophisticated IT solutions will also help improving efficiency of the entire logistics chain including port and shipping infrastructure and would also facilitate integration of the maritime industry with the IT intensive logistics industry, the report said. 

7333: The Latest News on Your Mobile!

© Copyright 2005 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Share your comments

Article Tools
Email this article
Top emailed links
Print this article
Write us a letter
Discuss this article

Copyright © 2005 India Limited. All Rights Reserved.